I am trading in a car that i still owe on. the dealer asked me for the title. shouldn't the lender have that?
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I am trading in a car that i still owe on. the dealer asked me for the title. shouldn't the lender have that?
 
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scottFL007
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Yes, the lender should have the title. Your dealer is probably confused. Remind him that this is a car that you still owe on. He probably forgot. |
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ric_ozz
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Words of Wisdom "If you owe on anything, you don't own it". The lender has it and the dealer should know that. The dealer needs to contact your lender as should you. |
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?
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You have a Title of Memorandum, this is what you will give the dealer. If you can't find it, then you need to go to your local title agency and get one. |
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perfectlybaked
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I would think that you should have it. The only case in which the lender might have it is in a lease, but I don't think a lease requires a lender. I'm not sure. I've never bought a vehicle, LOL. I would think that you should have it, in any event, because it is still your car even if it is being financed... |
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Linda C
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You should have the title.There is a lien on it if you still owe on it,but they should have sent the title to you. |
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country_nurse7
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If you financed it thru a bank then they will still have the title....They will turn the title over to the new buyer when the balance is paid in full.... The new salesperson should know that.
All you have to do is verify with the financial institution the pay off so that you know you are getting enough in your trade in to pay it off.....be careful........I didn't do that once and they added on the additional money to the price of the new car I was buying....that was back in my nieve days when I trusted people...lol.
Read every word of the contract. Make them explain everything. |
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piledriver911
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yes |
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bryholst
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no, you should have it. if it has a lien against it, it will state so on the bottom of the title |
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Blessed
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If you financed the vehicle the title goes to the lender with a lien on it. You don't receive the title until the vehicle is paid for. |
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